Investors with a lot of money to spend have taken a bearish stance on Freeport-McMoRan FCX.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with FCX, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 9 uncommon options trades for Freeport-McMoRan.
This isn't normal.
The overall sentiment of these big-money traders is split between 44% bullish and 55%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $345,303, and 5 are calls, for a total amount of $445,237.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $30.0 to $55.0 for Freeport-McMoRan over the last 3 months.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Freeport-McMoRan options trades today is 4406.22 with a total volume of 934.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Freeport-McMoRan's big money trades within a strike price range of $30.0 to $55.0 over the last 30 days.
Freeport-McMoRan Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| FCX | CALL | SWEEP | BULLISH | 02/16/24 | $40.00 | $296.6K | 5.7K | 550 |
| FCX | PUT | TRADE | BEARISH | 01/16/26 | $42.00 | $140.0K | 138 | 1 |
| FCX | PUT | SWEEP | BEARISH | 09/20/24 | $55.00 | $86.4K | 0 | 0 |
| FCX | PUT | SWEEP | BEARISH | 06/20/25 | $33.00 | $79.1K | 2.4K | 161 |
| FCX | CALL | TRADE | BEARISH | 06/21/24 | $45.00 | $54.4K | 21.7K | 0 |
About Freeport-McMoRan
Freeport-McMoRan Inc is an international mining company. It operates geographically diverse assets with proven and probable mineral reserves of copper, gold, and molybdenum. The company's portfolio of assets includes the Grasberg minerals district in Indonesia; and mining operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. It derives key revenue from the sale of Copper.
Following our analysis of the options activities associated with Freeport-McMoRan, we pivot to a closer look at the company's own performance.
Where Is Freeport-McMoRan Standing Right Now?
- Currently trading with a volume of 3,266,445, the FCX's price is up by 2.01%, now at $42.18.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 36 days.
Professional Analyst Ratings for Freeport-McMoRan
In the last month, 2 experts released ratings on this stock with an average target price of $40.5.
- Consistent in their evaluation, an analyst from Morgan Stanley keeps a Equal-Weight rating on Freeport-McMoRan with a target price of $40.
- An analyst from UBS persists with their Neutral rating on Freeport-McMoRan, maintaining a target price of $41.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Freeport-McMoRan options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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